Tens of thousands more Australians will be able to buy a house with the Morrison Government\u2019s new property price caps for the successful Home Guarantee Scheme.<\/p>\n\n\n\n
Increasing the price caps for homes available under the Scheme <\/a>means more people have more options when purchasing a home, and the new caps help accommodate larger families under the Family Home Guarantee.<\/a><\/p>\n\n\n\n Prime Minster Scott Morrison said the Home Guarantee Scheme had already helped 60,000 Australians on the path to home ownership.<\/p>\n\n\n\n \u201cWe\u2019re building a stronger future for Australians by making home ownership easier by making more properties eligible for the Scheme and expanding it to 50,000 places each year,\u201d the Prime Minister said.<\/p>\n\n\n\n \u201cPeople are cutting years off the time they\u2019d need to save a deposit for a home because of this program. Now even more Australians can get into a home sooner.<\/p>\n\n\n\n \u201cSaving to buy a house has always been hard work and we know as prices have increased it\u2019s been getting harder.<\/p>\n\n\n\n \u201cThat\u2019s why these higher price caps will help more people realise their dreams and lock in a stronger future for themselves.\u201d<\/p>\n\n\n\n The adjusted price caps take into account the 50,000 place per year expansion of the Home Guarantee Scheme, particularly in regional areas where the new Regional Home Guarantee is open to non-first homebuyers.<\/p>\n\n\n\n Assistant Treasurer and Minister for Housing Michael Sukkar said that the adjusted price caps would help guarantee more Australians can achieve the dream of owning their own home.<\/p>\n\n\n\n \u201cAs a Government we fundamentally believe in the aspiration of home ownership, with people being able to build a place of their own and invest in their future. We know the importance home ownership brings, which is why we are expanding our extraordinarily successful Home Guarantee Scheme,\u201d Minister Sukkar said.<\/p>\n\n\n\n \u201cWe acknowledge how hard it can be to buy a new home or re-enter the housing market and that saving a deposit is the hardest part of getting into home ownership. By adjusting the price caps for the Home Guarantee Scheme, we are ensuring Australians have more options when buying a home.<\/a><\/p>\n\n\n\n \u201cBecause 41% of scheme-backed loans are ahead of their pay back schedule, we are confident these adjusted price caps strike the right balance.<\/p>\n\n\n\n \u201c60,000 Australians have already been supported into home ownership under the Home Guarantee Scheme, with the Morrison Government\u2019s housing policies helping more than 300,000 Australians with the purchase of a home. With our support, first homebuyers reached their highest levels in 12 years.\u201d<\/p>\n\n\n\n In particular, the new price caps for regional areas will ensure that the supply of new builds in regional Australia is supported, helping ease supply constraints that are being felt outside of the major cities. The adjusted caps will also assist in accommodating larger families under the Family Home Guarantee<\/p>\n\n\n\n As announced in the Budget, under the expanded Home Guarantee Scheme the Government will make available:<\/p>\n\n\n\n